Source: Providence Resources
Providence Resources has agreed to work with Unmanned Production Buoy Limited (UPB) in assessing the development feasibility for a minimal facilities unmanned buoy development of the Helvick oil field in the North Celtic Sea Basin, offshore Ireland.
The Helvick field is located in Standard Exploration Licence (SEL) 2/07 and is situated some c. 40 kilometers off the south coast of Ireland in 80 meters of water.
Providence holds a 72.5% operated interest in SEL 2/07 with partners Atlantic Petroleum (18.3%) and Sosina Exploration (9.2%). Providence operates its interest in the Helvick field through its special purpose vehicle EXOLA Limited.
UPB is an Aberdeen based business established to pursue the development, construction and deployment of unmanned production systems.
"We are very excited to be working with UPB on assessing whether their unmanned production buoy concept has an application at the Helvick field,” said Tony O’Reilly, chief executive of Providence. “The successful application of this new technology, combined with the existing well infrastructure in a high oil price environment, could help to unlock the value of Helvick and herald Ireland's first oil development project."